Studies in mice show the compound to be effective in fighting, amongst others, cancers of the colon, lung, breast, prostate, pancreas and blood.

The compound, called NOSH aspirin, was found to shrink human colon cancer tumours implanted in mice by 85 per cent, "without adverse affects" according to researchers at The City College of New York.

Associate Professor Khosrow Kashfi, lead author of the study, to be presented at a cancer conference, said: "The key components of this new compound are that it is very, very potent and yet it has minimal toxicity to the cells."

A number of studies, led by Oxford University, indicate that long-term consumption of low-dose (75mg a day) aspirin can reduce the chance of developing cetain cancers by up to half. However, critics note that aspirin can cause serious stomach ulcers in some people, particularly the elderly.

The American researchers have therefore been working to create a version that does not harm the stomach lining and has much stronger anti-cancer qualities.

They noted NOSH aspirin was still an experimental drug and clinical use in humans was "years away".

Dr Kat Arney, of Cancer Research UK, said: " It will be interesting to see how this particular compound progresses."